Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken strict action against 1,905 housing projects across the state for failing to comply with regulatory requirements. Pune accounts for the highest number of suspended projects, with 487 affected, and their bank accounts have been frozen. Restrictions on property transactions related to these projects have also been imposed.

MahaRERA had issued show-cause notices to 10,733 housing projects that did not update information despite exceeding their declared completion deadlines.

The notices allowed developers a 30-day window to provide the required details. Of these, 5,324 projects responded appropriately, with 3,517 submitting occupancy certificates, while 524 projects applied for deadline extensions. An additional 1,283 projects' responses are under review.

However, 1,905 projects failed to respond to the notices, leading to MahaRERA suspending their registrations. Furthermore, their bank accounts have been frozen, and restrictions on sale and purchase transactions related to these projects have been implemented. MahaRERA has also issued instructions to Sub-Registrar offices to enforce these restrictions.

MahaRERA has announced that action is being initiated against another 3,499 projects that have not yet complied with the notice requirements. These projects are under scrutiny, and similar penalties may follow.

Compliance Requirements for Developers

Every housing developer must declare the project's completion date while registering with MahaRERA. After the declared completion date, developers are required to submit occupancy certificates and Form 4.

For incomplete projects, developers must apply for an extension, while stalled projects need to be canceled through a formal application. Additionally, it is mandatory for developers to update project details quarterly and annually on MahaRERA’s website.

Penalties for Non-Compliance

• Suspension or cancellation of project registration.

• Imposition of fines and penalties.

• Restrictions on property sale and purchase transactions.

• Freezing of project-related bank accounts.

Speaking with mediapersons, MahaRERA Chairman Manoj Saunik emphasized, "Developers are legally obligated to keep homebuyers informed about the status of their projects by updating information quarterly and annually on the MahaRERA website. Non-compliance with these rules has led to this decisive action."